Auditors don’t fall from the sky, but we do live on clouds
As companies across the country have transformed following the Government’s advice for us all to work from home wherever possible, many have asked how we’re planning to do the same at Duncan & Toplis.
The vast majority of our accountancy and business advice services can be provided remotely, thanks to our recently upgraded IT system and cloud computing, but one of the most important elements of accountancy is the traditional visit from the auditor.
With our priority being to protect the wellbeing of our team members and our clients, and with our responsibility as a large employer to do our part in limiting the spread of coronavirus, the traditional audit is no longer a suitable practice.
So, how can we carry out an audit, without visiting a client’s headquarters?
Luckily, in coordination with a software developer, we’ve been working on a solution – remote auditing.
Remote auditing is a collaborative process with our clients to meet the required audit objectives. It means we can carry out a full and intensive examination of a client’s accounts and financial systems, with full transparency, traceability and security, but without the need for auditors to physically visit a client’s premises.
We do this using a product called Inflo which we also use for data analysis. This system provides us with a file sharing ability through a secure portal which enables us to obtain the information we need, including full years data and trial balances and all the supporting files and financial information we’re after. We can also select samples and request supporting data from clients with ease.
It also means we can perform data analytics, which can be incredibly useful and insightful for our clients.
We’ve worked closely with the developers of Inflo from an early stage to help shape the product and this has helped to ensure it meets the needs of our team and our clients so we’re very confident in the system.
Of course, not everything can be done through cloud software – we’ll still need to speak to clients through telephone conversations, emails and occasionally video conferencing services, but combined, we’re able to conduct thorough client auditing without setting foot inside a client’s premises.
While this is incredibly useful in the present circumstances, we do still prefer to meet our clients face to face and be on site with them, and we’ll continue to do so in future once things return to normal. However, when this is impossible or ill-advised, as it is now, remote auditing enables our clients audits to be completed without unnecessary complications and disruption. In this way, we can help our clients to move on and focus on their business at this important time.
If you’d like information on how Duncan & Toplis can support you and your business, please contact our team.